Why consider a Supplemental Needs Trust?
What is a Supplemental Needs Trust?
A Supplemental Needs Trust is a trust tailored to a person with disabilities that is designed to manage assets for that person’s benefit while not compromising access to important government benefits they are already receiving, or for which they are making application. There are three main types of Supplemental Needs Trusts: the payback trust, the third-party trust, and the pooled trust. All three name the person with disabilities as the beneficiary. A ‘payback’ supplemental needs trust holds assets that belong to the person with special needs, such as an inheritance or an accident settlement. A ‘third-party’ supplemental needs trust holds funds belonging to other people who want to help the person with disabilities. A ‘pooled’ supplemental needs trust holds funds from many different beneficiaries with disabilities; the funds are pooled for investment purposes and then accounted for individually. Pooled supplemental needs trusts can only be offered through a non-profit organization like Life Enrichment Trust.
The Life Enrichment Trust offers all three types of Supplemental Needs Trusts. For more details, click on the Trust tab above to learn more about each type of trust. Then, please contact us, and we will help you to determine which option is best for you or your loved one.
Four Reasons to Consider a Supplemental Needs Trust today:
- If your organization is largely Medicaid funded, individual financial eligibility determines your funding and cash flow.
- Individuals can build assets in many ways, and more frequently than one may think!Consider these basic ways that assets may accrue:
- Family Inheritance
- Personal Injury Settlements
- Simply saving their money!
- Engaging in regular “Spend Down” activities is wasteful and not person or family-centered!
- Government funding does not cover all of the individual’s activities of interest!